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Get Rhodium Prices in Pakistan Using This API

You are from Pakistan? Need to stay up to date with rhodium prices? Well, in that case, we recommend you read this article. It will surely help you a lot!

It is a chemical element, symbol Rh, atomic number 45 and atomic weight 102,905. Rhodium is a white, hard metal, considerably less ductile than platinum or palladium, but much more ductile than any other metal. It is a mineral with properties linked to platinum, however, it is a rare element and very little abundant in the earth’s crust. Currently, it is the most expensive metal in the world due to its scarcity and complicated production.

Rhodium is a metal with limited applications, but the ones it does have are quite important and value-added. It is used as a catalyst in vehicles; this use is based on the conversion of hydrocarbons and less harmful nitrogen oxide emissions. It is also used in the production of acetic acid, nitric acid, reduction of benzene to cyclohexane, synthesis of methanol and manufacture of silicone rubber and, of course, in jewelry.

As it is such an expensive and valuable element for industries, being up to date with its price is important. Especially after what happened in March 2022, when its price fell, overnight, by 15%. For Pakistan, such a densely populated and industrial country, this is a big problem, since these price variations are detrimental to the economy.

For this reason, Metals-API came to the world to serve as an alert in this type of case.

Why Metals-API?

Metals-API began as a basic, lightweight Open-Source API for current and historical precious metals rates issued by banks and other firms such as Metex, Mansour or the London Metal Exchange (LME). Metals-API can provide real-time precious metals data through an API, with a precision of 2 decimal points and a frequency of up to 60 seconds (depending what kind of plan you choose).

In order to get up-to-date rhodium prices in Pakistani rupee, you have to obtain the “API key”. But first, you need to choose one of the 7 available plans; don’t worry one of them is free. Each plan has advantages and disadvantages, but obviously, the more you pay, the more benefits you’ll receive. For example, on the free alternative you can only get 1 price update per hour, but the Business Starter will offer 60-second updates instead. Remember that the prices are annual, not monthly.

Once you choose the metal and the currency, you must make the “API Call” and that’s it! You will have the rhodium prices available in your currency and fully updated to current values.


Also published on Medium.

Published inAppsApps, technologyTechnology

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